Federal Reserve System
US Congress 111th Congress
To amend the Bank Holding Company Act of 1956 to require the Board of Governors of the Federal Reserve System to take prompt corrective action to resolve problems of bank holding companies. [HB-3968]
[Finance ]
[Investments ]
Amends the Bank Holding Company Act of 1956 to instruct the Board of Governors of the Federal Reserve System to: (1) take prompt corrective action to resolve the problems of a bank holding company; (2) prescribe capital standards for bank holding companies, including a leverage limit and a risk-based capital requirement; (3) specify for each relevant capital measure the levels at which a bank holding company is well capitalized, undercapitalized, and significantly undercapitalized; and (4) specify the ratio of tangible equity to total assets at
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Sponsored by: Rep. Keith Ellison
Referred To The House Committee On Financial Services. on 10/29/2009
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Credit Card Rate Freeze Act of 2009 [HB-3959]
[Consumer Protection ]
[Finance ]
Credit Card Rate Freeze Act of 2009 - Prohibits a creditor, during a specified nine-month period, from: (1) increasing any annual percentage rate (APR), fee, or finance charge applicable to any outstanding balance of any credit card account under an open end consumer credit plan; or (2) changing the terms governing repayment of any outstanding balance, except as permitted by the Credit Card Accountability Responsibility and Disclosure Act of 2009. Authorizes the Board of Governors of the Federal Reserve System to prescribe implementing regulations.
Sponsored by: Rep. Betsy Markey
Referred To The House Committee On Financial Services. on 10/28/2009
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Overdraft Protection Act of 2009 [HB-3904]
[Consumer Protection ]
[Finance ]
Overdraft Protection Act of 2009 - Amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts or practices in connection with overdraft coverage, or in acts designed to evade the provisions of this Act. Requires each depository institution that provides overdraft coverage for transaction accounts to clearly and conspicuously disclose overdraft coverage fees. Subjects overdraft coverage fees to the consumer's written, electronic, or other consent. Requires a depository institution to provide specified
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Sponsored by: Rep. Janice D. Schakowsky
Referred To The House Committee On Financial Services. on 10/22/2009
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Democratizing the Federal Reserve System Act of 2009 [HB-3858]
[Finance ]
[Budget and Spending ]
Democratizing the Federal Reserve System Act of 2009 - Amends the Federal Reserve Act to reduce from 14 years to 7 years the term of office of the members of the Board of Governors of the Federal Reserve System. Increases from two years to four years the post-service restriction which renders Board members ineligible to hold any office, position, or employment in any member bank. Revises the terms for ongoing service on the Board with respect to its Chairman and Vice Chairman. Requires the Speaker and the minority leader of the House of Representatives,
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Sponsored by: Rep. Peter A. DeFazio
Referred To The House Committee On Financial Services. on 10/20/2009
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Over-the-Counter Derivatives Markets Act of 2009 [HB-3795]
[Finance ]
[Technology and Innovation ]
[Trade ]
[Budget and Spending ]
[Consumer Protection ]
[Cybersecurity ]
[Data Privacy ]
[Economic Development ]
[Funding ]
[Investments ]
[National Security ]
Over-the-Counter Derivatives Markets Act of 2009 - Amends the Commodity Exchange Act (CEA) to place specified derivatives, swaps, securities-based swaps, swap dealers, and swap participants under the jurisdiction of a Prudential Regulator, which may be: (1) the Board of Governors of the Federal Reserve System; (2) the Office of the Comptroller of the Currency; and (3) the Federal Deposit Insurance Corporation (FDIC). Directs the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to promulgate jointly uniform
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Sponsored by: Rep. Brad Sherman
Committee Consideration And Mark-up Session Held. on 10/21/2009
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Law Enforcement Officers Safety Act Improvements Act of 2009 [HB-3752]
[Firearms/Gun Control ]
[Crime ]
[Public Safety ]
Law Enforcement Officers Safety Act Improvements Act of 2009 - Amends the federal criminal code to: (1) expand the definition of "law enforcement officers," for purposes of provisions authorizing such officers to carry concealed weapons, to include current and retired law enforcement officers of the Amtrak Police Department, the Federal Reserve System, the executive branch, and the Armed Forces; (2) allow law enforcement officers who are retired or who separated in good standing after at least ten years of service to carry a concealed weapon; and
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Sponsored by: Rep. Pete Olson
Referred To The Subcommittee On Crime, Terrorism, And Homeland Security. on 10/19/2009
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Expedited CARD Reform for Consumers Act of 2009 [HB-3639]
[Consumer Protection ]
[Finance ]
Expedited CARD Reform for Consumers Act of 2009 - (Sec. 2) Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act of 2009) to: (1) make Title I: Consumer Protection, Title II: Enhanced Consumer Disclosures, and Title III: Protection of Young Consumers effective as of the date of enactment of this Act; and (2) make February 22, 2010, the effective date of such titles for a depository institution with fewer than two million credit cards in circulation on the date of the enactment of the Credit CARD Act of
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Sponsored by: Rep. Raul M. Grijalva
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 12/23/2009
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Foreclosure Prevention and Sound Mortgage Servicing Act of 2009 [HB-3451]
[Real Estate ]
[Housing ]
[Finance ]
[Consumer Protection ]
[Investments ]
Foreclosure Prevention and Sound Mortgage Servicing Act of 2009 - Amends the Real Estate Settlement Procedures Act of 1974 (RESPA) to require the mortgagee, upon default of a federally related mortgage loan secured by a lien on the borrower's principal residence, to engage in loss mitigation activities that provide for: (1) the long-term affordability of the loan; and (2) the maximum retention of home equity. Prohibits initiation of foreclosure on any mortgage loan if the mortgagee or servicer has at any time failed to comply with specified loss
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Sponsored by: Rep. Maxine Waters
Referred To The House Committee On Financial Services. on 07/31/2009
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Consumer Protection and Regulatory Enhancement Act [HB-3310]
[Consumer Protection ]
[Finance ]
[Housing ]
[Taxes ]
[Investments ]
Consumer Protection and Regulatory Enhancement Act - Amends the Judicial Code to prescribe the venue for cases involving non-bank financial institutions. Amends federal bankruptcy law to prescribe procedures for the adjustment of the debts of a non-bank financial institution. Establishes the Market Stability and Capital Adequacy Board (Board) to: (1) monitor the interactions of various sectors of the financial system; and (2) identify risks that could endanger the stability and soundness of the system. Establishes in the executive branch the Financial
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Sponsored by: Rep. Steve Scalise
Referred To The Subcommittee On General Farm Commodities And Risk Management. on 06/22/2010
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Corporate and Financial Institution Compensation Fairness Act of 2009 [HB-3269]
[Finance ]
[Labor, Jobs, Employment ]
[Consumer Protection ]
[Law Enforcement ]
[Economic Development ]
Corporate and Financial Institution Compensation Fairness Act of 2009 - (Sec. 2) Amends the Securities Exchange Act of 1934 to require that any proxy or consent or authorization for an annual shareholders meeting provide for a separate shareholder vote to approve executive compensation for named executive officers as disclosed pursuant to rules of the Securities and Exchange Commission (SEC). States that the shareholder vote shall not be: (1) binding on the corporation or the board of directors; (2) construed as overruling a board decision, or as
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Sponsored by: Rep. Michael E. Capuano
Received In The Senate And Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 08/03/2009
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Consumer Financial Protection Agency Act of 2009 [HB-3126]
[Finance ]
[Consumer Protection ]
[Small Business ]
[Insurance ]
[Data Privacy ]
Consumer Financial Protection Agency Act of 2009 - Establishes the Consumer Financial Protection Agency as an independent executive agency to regulate the provision of consumer financial products or services (products or services) under: (1) this Act; (2) consumer finance laws including the Electronic Funds Transfer Act, the Equal Credit Opportunity Act, provisions of the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Truth in Lending Act, and the
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Sponsored by: Rep. Henry C. Johnson
Reported (amended) By The Committee On Energy And Commerce. H. Rept. 111-367, Part I. on 12/09/2009
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Regulatory Capital Enhancement Act of 2009 [HB-2660]
[Finance ]
[Insurance ]
[Investments ]
Regulatory Capital Enhancement Act of 2009 - Amends the Federal Deposit Insurance Act to require each appropriate federal banking agency to prescribe capital standards, including a leverage limit and a risk-based capital requirement, for special purpose entities, or similar types of vehicles or entities, that are sponsored by insured depository institutions it regulates. Requires such capital standards to conform, to the extent practicable, with the capital standards prescribed under the Act. Authorizes an appropriate federal banking agency, by
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Sponsored by: Rep. Keith Ellison
Referred To The House Committee On Financial Services. on 06/02/2009
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Neighborhood Preservation Act [HB-2529]
[Housing ]
[Real Estate ]
[Finance ]
[Consumer Protection ]
[Law Enforcement ]
[Property Tax ]
[Community Development ]
Neighborhood Preservation Act - Amends the Federal Deposit Insurance Act to authorize any depository institution (or affiliate) to lease, including lease with an option to purchase, to any individual for up to five years an interest in residential property which: (1) was or is security for an extension of credit by such depository institution (or affiliate); and (2) came under the institution's or affiliate's ownership or control through foreclosure (or a deed in lieu of foreclosure) on the extension of credit. Directs the federal banking agencies
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Sponsored by: Rep. Al Green
Received In The Senate And Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 07/30/2009
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Federal Reserve Credit Facility Review Act of 2009 [HB-2424]
[Finance ]
[Budget and Spending ]
Federal Reserve Credit Facility Review Act of 2009 - Authorizes the Comptroller General to conduct reviews, including onsite examinations, of any credit facility established by the Federal Reserve Board or any federal reserve bank, and of its establishment as the lender of last resort, including when it provides temporary assistance to private institutions as the lender of last restort. Specifies the credit facilities to which this Act applies. Terminates such authorization five years after the enactment of this Act. Grants the Comptroller General
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Sponsored by: Rep. Elijah E. Cummings
Referred To The House Committee On Oversight And Government Reform. on 05/14/2009
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To amend the Fair Credit Reporting Act to provide for an exclusion from Red Flag Guidelines for health care practices with 20 or fewer employees. [HB-2345]
[Healthcare ]
[Consumer Protection ]
[Small Business ]
[Data Privacy ]
Amends the Fair Credit Reporting Act with respect to the duties of users of consumer reports taking adverse actions on the basis of information contained in such reports. Excludes any health care practice with 20 or fewer employees from the meaning of creditor subject to Red Flag Guidelines regarding identity theft promulgated by the proper federal financial regulatory agency.
Sponsored by: Rep. Leonard Lance
Referred To The House Committee On Financial Services. on 05/12/2009
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Housing Opportunity and Mortgage Equity Act of 2009 [HB-230]
[Housing ]
[Finance ]
[Real Estate ]
[Consumer Protection ]
[Economic Development ]
Housing Opportunity and Mortgage Equity Act of 2009 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (the enterprises) to implement a program to purchase and securitize qualified refinancing mortgages and qualified new mortgages on single-family housing in accordance with policies and procedures established by the Director of the Federal Housing Finance Agency (FHFA).Sets forth requirements for the purchase and securitization of qualified mortgages.Directs the Board of
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Sponsored by: Rep. Jim Costa
Referred To The House Committee On Financial Services. on 01/07/2009
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Reasonable Prudence in Regulation Act [HB-2266]
[Technology and Innovation ]
[Cybersecurity ]
[Finance ]
[Gaming ]
[Consumer Protection ]
Reasonable Prudence in Regulation Act - Extends from December 1, 2009, to December 1, 2010, the deadline for compliance with specified regulations prohibiting the funding of unlawful Internet gambling (Regulation GG).
Sponsored by: Rep. Raul M. Grijalva
Committee Hearings Held. on 12/03/2009
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To amend the Truth in Lending Act to provide safeguards for credit card holders whose accounts were, or are about to be, terminated for inactivity, and for other purposes. [HB-1882]
[Consumer Protection ]
[Finance ]
Amends the Truth in Lending Act to set forth restrictions upon the termination of a consumer credit card account due to inactivity. Prohibits a consumer credit card account from being terminated for inactivity unless the cardholder is notified within 60 days before the termination date. Authorizes the cardholder to appeal a termination on the basis of error. Requires the card issuer to: (1) investigate whether such an error occurred; (2) transmit the investigation results to the cardholder; and (3) reopen the credit card account if an error did
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Sponsored by: Rep. Susan A. Davis
Sponsor Introductory Remarks On Measure. (cr E876-877) on 04/02/2009
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Financial System Stabilization and Reform Act of 2009 [HB-1754]
[Finance ]
[Consumer Protection ]
Financial System Stabilization and Reform Act of 2009 - Establishes an independent Financial Stability Council to: (1) review, and approve or prohibit issuance of, or require modification of, any rule or regulation issued by any federal financial regulator; (2) require each federal financial regulator to issue or revise its rules and regulations in conformance with the Council's determination; (3) review new financial products and services and recommend regulations for them to the appropriate federal financial regulator; and (4) direct each federal
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Sponsored by: Rep. Michael N. Castle
Referred To The Subcommittee On General Farm Commodities And Risk Management. on 04/28/2009
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Consumer Rental Purchase Agreement Act [HB-1744]
[Consumer Protection ]
[Finance ]
[Crime ]
Consumer Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures. Declares that an action for civil liability may be brought against a
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Sponsored by: Rep. Henry C. Johnson
Referred To The House Committee On Financial Services. on 03/26/2009